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Wireless communications and IP networks will evolve into a new converged vision, which is called beyond the 3rd generation. This vision can be efficiently realized through the advent of cognitive networks. Cognitive wireless networks are capable of reconfiguring their infrastructure, based also on experience, in order to adapt to the continuously changing environment. Main reconfiguration actions, in the PHY/MAC layers, in the selection of the most appropriate technology and spectrum for operation. Such innovative concepts require a holistic combination of a variety of engineering disciplines. This paper addresses such issues. Emphasis is given on business model aspects, the management architecture and functionality for cognitive wireless networks, as well as on the related hardware aspects that enable reconfiguration